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Pourquoi la politique monétaire ne réagit-elle pas aux prix d’actifs ?

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  • Patrick Artus

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[eng] Why doesn’t Monetary Policy Respond to Asset Prices ? . In most countries, monetary policy does not respond significantly to asset prices (real estate prices or stock market prices). Anumber of explanations have been suggested, such as the inability to control asset prices and the difficulty of determining “ normal” asset prices. This article adds another explanation : in some cases, the best monetary policy is not to respond to changes in asset prices. Our theoretical dynamic model of the formation of the price of goods and of asset prices shows that it is best not to respond to changes in asset prices if the Central Bank focuses on the stabilization of output in the case of sudden changes in demand. [fre] Dans la plupart des pays, il n’y a pas de réaction significative de la politique monétaire aux prix d’actifs (prix de l’immobilier ou cours boursiers). On avance un certain nombre d’explications de cette situation : absence de contrôlabilité des prix d’actifs, difficulté de définition de niveaux de prix d’actifs normaux, par exemple. Nous avançons une explication supplémentaire : dans certains cas, la politique monétaire optimale consiste à ce qu’il n’y ait pas de réaction aux variations des prix d’actifs. En utilisant un modèle dynamique théorique de la fonction des prix des biens et des prix d’actifs, nous montrons que c’est le cas en présence de chocs de demande si la Banque Centrale privilégie la stabilité de la production.

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  • Patrick Artus, 2003. "Pourquoi la politique monétaire ne réagit-elle pas aux prix d’actifs ?," Économie et Prévision, Programme National Persée, vol. 158(2), pages 61-71.
    • Handle: RePEc:prs:ecoprv:ecop_0249-4744_2003_num_158_2_6902
    DOI: 10.3406/ecop.2003.6902
    Note: DOI:10.3406/ecop.2003.6902
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